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Reduce Home Loans
excellent service
This was our second application with Reduce Home Loans, again great rate and supportive customer services. A big thank you to Dane, the Personal Finance Manager for my case and to the Settlement Department team.
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The reviewer stated that an incentive was offered for this review
HasonSydney, NSW
- 55 reviews
- 20 likes
- Verified customer
They took 4 months for my application. Went to a new lender and got approved in 4 days.
To start with, Reduce Home Loans is just the broker but is falsely advertised as a non-bank lender on their website. In my case, the actual mortgage lender is Mortgage Ezy and the funder is Bendigo Adelaide Bank. And none of that was explained upfront until my solicitor got involved. The multiple layers meant that response was slow (non-existent in some cases), and the process was robotic, inefficient, duplicated, and frustrating.
Disappointed to say the least. Made me anxious and couldn’t sleep as we got closer to the settlement date. They we...Read more
re first engaged 4 months ago. I was initial told a 3-4 week approval timeframe. But by the end of the 6 week settlement period, I was still answering their questions on the day before settlement and even the week after which demonstrates that they do not talk to each other. So I had to make other last minute arrangements to settle this on time. Needless to say, the approval didn’t arrive in time and I didn’t end up taking up their loan and went to another lender and got fully approved in 4 days (not weeks). In order to save time while I’m sorting out the contracts, I had applied for the pre-approval 2 months ago. I was told I can go straight for the full approval instead once the contracts are signed. Provided them the draft contract for review at that time. Since the full approval application was submitted, the credit check and the valuation were only requested 2 and 3.5 weeks after the application respectively. The valuation was further delayed when they realised the loan is for a vacant land and there is no house to inspect. They had asked for a house insurance certificate when there is no house to insure. They had also asked me to provide a signed letter for my exit strategy when it is only required if this property will be my principal place of residence which it is not. My bank statements and payslips were submitted with the application to the broker, but the same documents were requested again when it went to the lender for review. All my responses were provided within 2 hours of their requests. Then there would be no response or feedback from them for a few days and then I would get the next question and so on. This went on for the whole time right up to the day before settlement. The lender had also requested a change to the contract 4 weeks after the application (after it has been signed). And then changed their mind on what needs to be changed. I was told they could go to another bank as backup but never acted on it. The cooling off period for the purchase was resurrected 3 times from 1 week to 4 weeks. My solicitor and the vendor’s solicitor were frustrated in dealing with them and with their lack of response to the point that they have lost all confidence and reliability in their words and ability. I was reassured multiple times the full approval is coming in the next few days but that kept slipping.Similar opinion? Write a review on ProductReview.com.au!
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Reduce Home Loans
The customer service was thorough although the process could have been carried out a little more speedily. When it came to the crunch, Reduce Home Loans delivered. Good interest rate but slow to pass on the cut from the Reserve Bank.
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The reviewer stated that an incentive was offered for this review
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waynekscoresby
- 2 reviews
great service great rate
great service great rate very happy with the service and the rate was very competitive I would recommend to my friends I was recommended by one of my friends and they happy too
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Questions & Answers
Aussiebloke34asked
Why are the fees so huge and why are so many members accusing you of bait and switch, where months after they have their loans established they get a letter advising their interest rates are going up?
No answers
Alex Dasked
Some of the comments are quite serious and places doubts on whether Reduce can then be trusted or not if they sign you up on one rate, only to increase it in a few months. Has many people experienced it?
Also people are saying their exit fees are very high. How high are they compared to others?
Thanks.
2 answers
Hi Alex, I’m on 3 years fixed rate. I’m not sure how much are the exit fees but I don’t think it’s higher than my precious bank.
I was told exit fees were made illegal from 2011?
Simmoasked
I am considering refinancing soon with reduce and I was wondering if there rates go up soon after changing over. I was convinced a few years ago by a broker to refinance with AFG and 2 days after my loan changed over the rate went up quite a bit and I would have been better off staying with Peoples choice. I don't want to waste my time changing if this will happen again.
1 answer
I am an existing customer my rate was 2.42% it will soon reduce to 2.27%. I have not experienced any issues with rates, although I have noticed they are now advertising at 1.77% so do not reward loyalty. The process to refinance is beyond slow, frustrating and you need to jump through hoops expect it to be even months before it is finalised. So you need to weight that up.
Details
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